Suncor Energy completes merger with Petro-Canada
Calgary, AB -- Suncor Energy Inc. has completed its merger with Petro-Canada., The new Suncor Energy company i...
Calgary, AB — Suncor Energy Inc. has completed its merger with Petro-Canada., The new Suncor Energy company is trading on both the New York Stock Exchange and on the Toronto Stock Exchange.
“This is an important milestone for Suncor and for Canada,” said Rick George, president and chief executive officer. “Bringing together these two great success stories creates the premier Canadian energy company with the assets, people and financial strength to take on the global competition. This is the start of an exciting journey.”
Suncor Energy is now Canada’s largest energy company and the fifth largest North American-based energy company by market value. The new Suncor combines a leading position in Canada’s oil sands with complementary operations in refining and marketing, North American natural gas production and conventional production internationally and offshore East Coast Canada. The company also holds a significant position in Canada’s emerging renewable energy industry with wind power projects and biofuels production.
While the company will operate corporately and trade under the Suncor Energy name, it will maintain the Petro-Canada brand for its refined products and national retail network, and as a partner of the 2010 Olympic and Paralympic Winter Games.
Efficiencies resulting from the merger are expected to contribute annual reductions of $1 billion in capital spending, in addition to expected annual savings of $300 million in operational expenditures.
“We will move quickly on getting the right people focused on the right opportunities,” said George. “In the near term, the focus will be very much on the people that are the foundation of this company and ensuring safe, reliable and environmentally responsible operations. By the end of the year, we expect to provide details about our strategy going forward.”
The common shares of Petro-Canada and the former Suncor have been delisted from the Toronto Stock Exchange and the common shares of the new Suncor Energy Inc. began trading Aug. 7, 2009, under the symbol “SU”. Suncor’s Board of Directors has approved a quarterly dividend of $0.10 per share on its common shares, payable September 25, 2009, to shareholders of record at the close of business on September 4, 2009.